Vanadium producer and energy storage developer Bushveld Minerals announced its intention to forge a substantial investment partnership with the SPR GP1 fund, also known as Southern Point Resources, on Monday.
The AIM-traded firm said the decision came on the back of a binding term sheet outlining the proposed collaborations between the two entities.
Bushveld said it would receive a substantial investment of between $69.5m and $77.5m from SPR, under certain conditions.
Immediate working capital would be provided to Bushveld through an interim facility totalling ZAR 150m ($8.1m), secured against production at the Vanchem plant.
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